As widely expected, the Fed left rates on hold following a two-day policy meeting. The May policy meeting is not followed by a press conference, so the communication is limited to the press release, containing little new information.

Minor tweaks to the press statement; June hike cemented

The press release was changed from inflation running below 2 percent into "moved close to 2 percent". It also said that the Fed expects inflation to run near the symmetric 2 percent objective over the medium term. The Fed kept the wording on household spending as moderating, but upgraded business fixed investments to strong growth.

USD a touch lower; short rates unchanged

Even if the June rate increase was cemented in the press release, short-term interest rate prices were already pricing it in. The dollar fell from session highs and is now trading only slightly lower.